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Dubai’s non-oil trade increases by16%
Dubai’s non-oil trade jumped 16% in the first quarter and recovery in the emirate’s property sector will help keep the pace up this year despite a plunge in trade with Iran and global economic weakness, said the director general of Dubai Customs Ahmed Butti Ahmed. Non-oil trade increased to AED325.5 billion ($88.6 billion) in the first quarter from AED280 billion in the same period last year, the customs office said.
15 May 2013
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KSA real GDP to grow by 4.4% in 2013
According to Global Investment House’s review of the Saudi economy, Saudi Arabia’s real GDP is estimated to have expanded 6.8% in 2012. Following the record oil production witnessed in 2012, the government has resorted to resolute fiscal stimulus measures and enhanced investment in infrastructure projects. However, GDP growth is expected to decrease to 4.4% in 2013, as oil production stabilises. Real oil GDP expanded 10.4% due to higher oil prices and record levels of production. The oil sector grew 5.5% in 2012, on the back of increased output following sanctions imposed on Iran in early 2012. However, the sector’s growth is expected to remain subdued over the next five years with minimal to no increase in production or capacity expansion, as higher output from Iraq, North America and Libya comes on stream. Nonoil GDP growth expanded 7.2% in 2012, followed by its strongest performance (8.0%) in the last eight years in 2011, led by constant growth in private and government sectors. The nonoil private sector continued its growth trajectory in 2012, rising 7.5%, lower than the 7.8% growth (its highest level in the last eight years) in 2011, led by robust growth in manufacturing, construction, retail and transport sectors.
15 May 2013
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French economy enters recession
The French economy has entered recession after shrinking by 0.2% in the first quarter of 2013. France’s economy shrank by the same amount in the last quarter of 2012. A recession is defined as two successive quarters of negative growth. France is currently suffering from record levels of unemployment and weak business and consumer confidence. German growth figures reveal that its economy is the strongest in the eurozone which grew by just 0.1% in the first quarter of the year
15 May 2013
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